Oyedele Rules Out Return to Fuel Subsidy and Multiple Exchange Rates

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Oyedele Rules Out Return to Fuel Subsidy and Multiple Exchange Rates

BANGKOK — Finance Minister Taiwo Oyedele said on the sidelines of the IMF and World Bank Annual Meetings that Nigeria will not return to fuel subsidies or multiple exchange rates. He said the question came up repeatedly in meetings with rating agencies, investors and multilateral lenders. Oyedele described NNPC's 30-day retail margin discount as a time-limited commercial decision that does not involve public funds. He said domestic and international markets have largely written off opposition politicians as unserious, which is why their pledges are not affecting prices. Former vice-president Atiku Abubakar of the ADC has promised to restore the subsidy, while Peter Obi of the NDC has said he would keep it and remove the corruption around it. Central Bank Governor Olayemi Cardoso said the gap between official and parallel exchange rates had narrowed from about 60 per cent to 3–4 per cent, and urged that reforms be sustained. Nigeria is targeting 7 per cent growth, against IMF forecasts of 4.2 per cent for 2026.

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